A forward exchange contract

a. requires delivery within two working days, of one currency for a specified amount of another currency

b. gives the owner the right to purchase a foreign currency at some point in the future and any gains or losses are credited/debited to the account at the close of each business day

c. gives the owner the right, but not the obligation, to buy foreign currency at a fixed exchange rate for the fixed period of time

d. requires delivery, at a specified future date, of one currency for a specified amount of another currency